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Income Tax Appellate Tribunal, ‘C’ BENCH, BANGALORE
Before: SHRI SUNIL KUMAR YADAV & SHRI INTURI RAMA RAO
O R D E R Per INTURI RAMA RAO, AM :
This is an appeal filed by the revenue directed against the order of the CIT(A), Hubli, dated 31/07/2015 for the assessment year 2012-13.
The revenue raised the following grounds of appeal: 1. The order of Ld.CIT(A) is opposed to law and facts of the case.
Page 2 of 3 2. Whether on the facts and in the circumstances of the case and in law, the ld.CIT(A) is correct in deleting the disallowance made u/s 80IA of the Act without considering the fact that the profit from the new undertaking is to be computed as if it is the only business carried out by the assessee from its inception and to allow set off of earlier year’s losses and depreciation against the current year’s income of such unit, even though these amounts have been set off against other income in the earlier years.
3. Any other ground that may be taken during the appeal.
The appellant craves leave to add, alter, amend and delete any of the grounds of appeal.
2. The only ground of appeal
is for the purpose of deduction us/ 80IA(5) of the Income-tax Act,1961 [‘the Act’ for short] whether business losses determined prior to initial year of business should be set off against business profits determined for the year under consideration. This issue was decided in our order of even date in in the case of the same assessee for assessment year 2010-
11. Respectfully following the ratio laid down in that order, this ground of appeal is dismissed.
In the result, the appeal of the revenue is dismissed.